Friday, 16 September 2011

UK Business Gas Prices Slide

British gas prices fell on Wednesday morning as weaker oil prices and returning supplies from outage-hit North Sea fields over the next week steered prompt and forward contracts lower.

Gas flows from BP’s Teesside terminal are expected to improve from this weekend, the operator said, signalling at least a partial end to offshore maintenance on fields feeding the terminal.

BG’s North Sea Armada, Everest and Lomond platforms, which feed gas to Teesside, shut down for planned maintenance last week.

Gas for immediate delivery retraced opening losses, trading unchanged at 55.75 pence-per-therm at 0930GMT, despite inadequate supplies caused by a reduction in Norwegian imports.

Gas for delivery next week fell one quarter of a penny to 57 pence.

UK NBP day-ahead gas bucked the downward trend, rising nearly half a penny higher to 55.75 pence.

The contract shrugged off bearish pressures such as the return of the UK-Netherlands gas interconnector which could boost supplies.

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